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Hedge Funds

May 16, 2009 | Nathan Olivarez-Giles
Beverly Hills hedge fund manager Bradley L. Ruderman surrendered to FBI agents Friday after being criminally charged in federal court in Los Angeles with bilking investors out of about $44 million in a wire fraud scheme. Ruderman's surrender came two weeks after a federal judge shut down his hedge funds, Ruderman Capital Partners and Ruderman Capital Partners A, in response to a civil suit filed by the Securities and Exchange Commission.
April 23, 2014 | By Robert Faturechi
A former accounting manager for a Santa Clara tech company was accused by federal authorities Wednesday of setting in motion an insider trading scheme that reaped millions of dollars for those involved. The Securities and Exchange Commission accused Chris Choi, who worked for Nvidia Corp., of passing on confidential information to a friend before the company's quarterly earnings announcements in 2009 and 2010. That friend then allegedly relayed the tips to a fellow poker player who managed a hedge fund, and who used the information himself and passed it on to analysts at other firms.
August 29, 2012 | By Andrew Tangel
Hedge funds may soon advertise to investors such as you. Securities regulations have barred hedge funds and other private investment vehicles from advertising and marketing to the general public for more than 30 years. But the Jumpstart Our Business Startups Act, or JOBS Act, enacted this year requires the U.S. Securities and Exchange Commission to ease the ban. Private offerings raised more than $1 trillion in 2011 -- about as much through offerings registered with the SEC, according to Mary Schapiro, the agency's chairman.
April 6, 2014 | By Tom Petruno
Over the last six years, roaring bears and raging bulls both have had their turns to be right about financial markets. But investing success in the next market phase could be far more about pinpointing individual opportunities than riding a wave. This is when it should pay for a money manager to have maximum flexibility: the option to go almost anywhere with investors' dollars in search of decent returns. That could include stocks, bonds, real estate or commodities, for example.
November 22, 2010 | By Nathaniel Popper and Tom Petruno, Los Angeles Times
An unfolding federal probe of alleged insider trading on Wall Street is escalating, sending a wave of anxiety over the investment industry. FBI agents searched the offices of three hedge fund operators Monday, two of which were started by former executives of SAC Capital Advisors, one of the most profitable and secretive hedge fund managers in the country. One of the firms, Level Global Investors, is partly owned by an arm of Goldman Sachs Group Inc., the most successful and controversial investment bank on Wall Street.
June 6, 2010 | By Michael Oneal
The newspaper industry is starting to meet its new bosses — the hedge funds and banks that are moving in as rich family owners and starchy executives move out. Although the objectives of these new owners remain unclear, insiders say the transition period promises more upheaval at newspapers just as they begin to emerge from bankruptcy protection. Over the last year, bankrupt newspaper companies including Tribune Co., owner of the Los Angeles Times, KTLA-TV Channel 5 and other news organizations, have been overrun by a category of stealthy "distressed debt" hedge funds.
December 2, 2010 | By Nathaniel Popper, Los Angeles Times
Sebastian Mallaby, a veteran journalist who has worked for the Washington Post and the Economist, came out this summer with what has been described as the definitive study of the hedge fund industry with his book "More Money Than God. " Using his access to some of the most secretive and wealthy investors in the world, Mallaby explored the gilded world of these highfliers and explained why many hedge funds seemed to come out of the financial crisis...
April 4, 2013 | By Andrew Tangel
NEW YORK -- Despite the federal government's crackdown on insider trading on Wall Street, many who work at hedge funds still feel pressure to break the law or compromise their ethics, according to a new survey. The survey -- commissioned by an industry group, publication and law firm -- found that 35% of respondents said they felt pressure by their compensation plan to break the rules. A quarter of respondents cited other pressures. QUIZ: How much do you know about the stock market?
August 30, 2012 | By Andrew Tangel, Los Angeles Times
Don't look for them on bus benches or in the Yellow Pages, but hedge funds soon could be running ads. For more than 30 years, hedge funds and other private investment vehicles have been barred from marketing to the public. Regulators feared that breathless advertising campaigns would lure unsophisticated investors who didn't understand the risks. The Securities and Exchange Commission proposed Wednesday that the ban be eased. The commission voted to relax the restrictions to comply with this year's Jumpstart Our Business Startups Act, which sought to make it easier for investment firms to raise money from prospective clients.
April 30, 2009 | Nathan Olivarez-Giles
A pair of Beverly Hills hedge funds were shut down Wednesday by a federal judge based on claims that their operator scammed investors out of at least $38 million, using the cachet of famous names including Oracle Corp. Chief Executive Larry Ellison. The Securities and Exchange Commission alleged that Bradley L.
January 13, 2014 | By Marc Lifsher
SACRAMENTO -- The California Public Employee's Retirement System, the nation's biggest government pension, reported a 16.2% return on its investments for 2013. It was the best calendar year performance in 11 years for the $281-billion CalPERS, which provides benefits to about 1.7 million state and local government workers, retirees and their dependents. "A 16.2% rate of return is really good," said Marcia Fritz, a Sacramento pension reform activist. "They are in it for the long haul.
November 12, 2013 | By S. Irene Virbila
Jon Bonné's new book, “ The New California Wine: A guide to the producers and wines behind a revolution in taste ,” is a wonderful, engaging read with an actual narrative and a cast of characters who think outside the box, care about sustainability, and have a strong curiosity and work ethic.  I loved meeting vintners such as Ted Lemon ( Littorai Wines ), Steve Matthiasson ( Matthiasson Wines ), Abe Schoener ( the Scholium Project ) and Morgan Twain-Peterson ( Bedrock Wine Co. )
November 8, 2013 | Times wire services
SAC Capital Advisors pleaded guilty to criminal fraud charges Friday, satisfying a deal with the government that requires the Connecticut hedge fund to pay a record $1.8 billion to settle charges that it allowed, if not encouraged, insider trading to occur for more than a decade. The plea came in U.S. District Court in New York four days after the government announced that the once-influential hedge fund owned by billionaire Steven A. Cohen had reached the deal that also required it to shut down its operations to outside investors.
October 7, 2013 | By Ken Bensinger
The U.S. Supreme Court has turned down a petition by Argentina to reconsider a lower-court order requiring it to pay creditors upwards of $1.4 billion. The decision, handed down Monday without comment from the nation's highest court, upholds a 2012 ruling that obliges the South American nation to pay all its bondholders at once - including those that have refused multiple offers to renegotiate the value of their holdings. A group of those bondholders, led by several New York hedge funds, have repeatedly sued Argentina seeking face value on their securities.
September 17, 2013 | By Stuart Pfeifer
Shares of nutritional products maker Herbalife Ltd. hit a 52-week high Tuesday, putting billionaire hedge fund manager Bill Ackman deeper in the hole on his $1-billion bet that the stock will go to zero. Herbalife shares reached a one-year intra-day high of $73.91 and a closing high of $73.29 on speculation that the company may start aggressively repurchasing its shares. The Los Angeles company was one of the more volatile stocks on Wall Street after Ackman accused the company last December of operating a pyramid scheme and said he took a $1-billion short position in the stock, meaning he would profit from a price drop.
August 14, 2013 | By David Ng
Steinway Musical Instruments -- the venerable maker of pianos and other classical-music instruments -- is celebrating its 160th anniversary this year and has given itself the gift of a new owner. The company has agreed to be acquired for approximately $512 million by the New York hedge fund Paulson & Co. The bid topped a $438-million offer in July from Kohlberg & Co, the New York private-equity outfit. Paulson has agreed to acquire Steinway for $40 per share -- its ticker symbol is "LVB" for Ludwig van Beethoven -- in a move that will take the company private.
May 2, 2009 | Steven Mufson and Tomoeh Murakami Tse, Mufson and Tse write for the Washington Post.
President Obama's harsh attack on hedge funds he blamed for forcing Chrysler into bankruptcy this week sparked cries of protest from the secretive financial firms that hold about $1 billion of the automaker's debt. Hedge funds and investment managers were irate at Obama's description of them as "speculators" who were "refusing to sacrifice like everyone else" and who wanted "to hold out for the prospect of an unjustified taxpayer-funded bailout."
April 21, 2004 | From Bloomberg News
New York Atty. Gen. Eliot Spitzer called the Securities and Exchange Commission's focus on policing the $800-billion hedge fund industry unnecessary because the funds pose few risks to average investors. "I'm a little skeptical of the effort to focus so much attention on hedge funds right now," Spitzer testified before a congressional subcommittee in New York on Tuesday.
July 25, 2013 | By Andrew Tangel
NEW YORK - Like nobody else, Steven A. Cohen conquered Wall Street. The boy from blue-collar Long Island built one of the era's most legendary investment firms, helping him amass a personal fortune of $9 billion. He lives a lavish life even by billionaire standards. His 35,000-square-foot Connecticut mansion has an ice skating rink with a Zamboni machine, and his other home in the Hamptons has an oceanfront view. Video: Indictment announced His vast art collection includes a $150-million Picasso.
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